You are considering two ways of financing a spring break vacation. You could put it on your credit card, at 13% APR, compounded monthly, or borrow the money from your parents, who want an interest payment of 6% every six months. which is the lower rate? (Dont round intermediate steps to decimal places)

A. The effective annual rate for your credit card is:

B. The effective annual rate for your parents is:

**using a financial calculator